Monthly Economic & Commercial Report for July 2007
The Statistics below are the latest published by the Govt. of Tunisia
(All figures are in US$)
1.Total GDP:
In July 2007: (N.A)
In the 4th quarter of 2006: US$ 4.45 bn
In the 1st quarter of 2007: US$ 4.57 bn
In 2006: US$ 29.4 bn
2. Rate of Inflation:
In July 2007: 2.7%
In the first quarter of 2007: 2.5 %
In the first 7 months of 2007: 2.5 %
In 2006: 4.6%
3. Total trade: (i) Growth of Total Trade:
- During the first 7 months of 2007:
Total trade: US$ 19.79 bn: Exports: US$ 8.92 bn - Imports: US$ 10.87 bn
Growth of Total Trade vis à vis 07/06-07/07: Exports 28.8 % - Imports 22.9 %
Trade Balance: US$ (-) 1.95 bn
- During the first 7 months of 2006:
Total Trade: US$ 15.78 bn: Exports: US$ 6.93 bn - Imports: US$ 8.85 bn
Growth of Total Trade vis à vis 07/05-07/06: Exports 11.4 % - Imports 16.3 %
Trade balance: US$ (-) 1.92 bn
(ii) Growth of Total Trade to 10 major countries during the first 7 months of 2007 in comparison to the first 7 months of 2006: Growth of Export: France 35.01%; Italy 41.74%; Germany 37.40%; Spain 15.01%; Libya 16.27%; U.K. 39.46%; Belgium 20.15%; Netherlands 26.12%; Algeria 48.10%; U.S.A 10.22% Growth of Import: France 19.86%; Italy 34.33%; Germany 24.77%; Russia (-) 2.70%; Libya (-) 29.12%; Spain 19.53%; U.S.A. 40.32%; Belgium 28.35%; U.K 22.52%; Netherlands (-) 4%
(iii) Total Trade with India:
Exports to India - Imports from India
Exports to India
Imports from India
During the first 7 months of 2007:
US$ 73.93 million
US$ 93.63 million
During the first 7 months of 2006:
US$ 81.26 million
US$ 60.88 million
(iv) The Total Trade with India by 10 top commodities:
Exports to India
Imports from India
During the first 7 months of 2007:
US$ 73.79 million
US$ 69.00 million
During the first 7 months of 2006:
US$ 81.25 million
US$ 48.01 million
Growth of Total Trade with India by top 10 Commodities in during the first 7 months of 2007 in comparison to the first 7 months of 2006:
Growth of Export:
Non-organic chemical products (-) 10.59%; salt, sulphur, lime and cement (their export during the first 7 months of 2007 amounted to US$ 708,506, while in the same period in 2006 it was nil); hides and leather (-) 4.28%; Aluminium 45.43%; boilers, reactors and other mechanical engines 267.58%; manufactured items and second-hand clothes (-) 9.64%; clothes and accessories other than hosiery 1827%, plastic equipment (their export during the first 7 months of 2007 amounted to US$ 117,778, while in the same period of 2006 it was nil), optics and scientific equipment (their export during the first 7 months of 2007 amounted to US$ 99,608, while in the same period of 2006 it was nil); wool, hair and animals’ hair cloths (their export during the first 7 months of 2007 amounted to US$ 47,892, while in the same period of 2006 it was nil).
Growth of Import:
Cotton 102.68%; plastic equipment 118.92%; fish, shellfish and molluscs 44.46%; boilers, reactors and other mechanical engines 116.72%; organic chemical products 91.24%, hides and leather 25.31%; shoes 80.34%; automobiles, cycles and tractors 364.14%; sugar and sugar refineries 33490%; synthetic or artificial threads 138.55%.
(v) Growth of Total Trade in services of 5 major categories:
Five major categories of services are: infrastructure, Telecommunications/IT, Tourism, Health, Education and Pharmaceutical Sector. However, data are made on annual basis.
4. Major investments/ trading agreements within and outside the country:
(i) Tunisia granted oil exploration permit to Shell:
According to reports appeared in the media on July 13th, 2007, Tunisia awarded an oil and gas exploration permit to an Anglo-Dutch Shell. Under the production sharing agreement, Shell Tunisia in partnership with Tunisian state oil firm Entreprise Tunisienne des Activités Pétrolières (ETAP), will invest US$ 3 million in search and drilling work.
(ii) Russia: Aston won a tender of wheat delivery in Tunisia
Until the end of July 2007 export trade operation of state concern "ASTON" ("ASTON AGRO-INDUSTRIAL AG") exported over US$6.5 m to Tunisia. This contract was the result of the company's victory in tender, issued by the government of Tunisian company "Office des Cereales".
(iii) Winstar announced Tunisian rig contract
According to reports appeared in the media on July 19th, 2007 Winstar Resources Ltd. announced that the company, through its international subsidiary, negotiated and executed certain contracts to transport a new Canadian-made drilling rig to Tunisia.
(iv) Sama’s US$ 14 billion deal closed
According to reports appeared on July 21st, 2007, Tunisian legislators gave the go-ahead for a US$ 14 bn luxury real estate development to be led by Dubai state-owned Sama Dubai. The project includes apartments, offices, trade centres and hotels covering 837 hectares beside a lake north of Tunis. Work is expected to begin soon.
(v) E-Tech Secures Major Tunisian Contract
It has been learnt on July 21st, 2007 that the Great Yarmouth electrical engineering and supply firm E-Tech Group Ltd has been awarded a major international project for the development of a new Gas Reception, Process and Distribution facility in Tunisia.
(vi) Tepe ventures won Tunisian airport contracts
According to reports appeared on July 17th, 2007, Turkeys biggest airport operator, Tepe Afken Ventures (TAV), won the 40-year contract to build, operate and transfer a new airport at Enfidha, and to operate the existing airport at Monastir. Seven international firms pre-qualified to bid for the project, after which TAV and a consortium of Germanys Hochtief and Canadas Lavalin were selected to go to a second round. TAV will invest US$ 551 m in the first phase of construction of the airport, which will begin in late 2007 for completion in 2009.
(vii) QPC won contarct to build/ own/ operate Tunisia second oil refinery
It has been learnt on July 17th, 2007 that State oil-refiner Société Tunisienne des Industries de Raffinage (STIR) awarded Qatar Petroleum Company (QPC) the 30-year build-own-operate concession for the countrys second oil refinery (and its first privately owned one). QPC had been shortlisted for the concession alongside the UK-UAE firm Petrofac; another pre-qualifier, Indian Oil Corporation pulled out of the contest in late 2006. The refinery will be built on a 100-hectare site at the port of Skhira on the Gulf of Gabes, which has an oil terminal capable of accommodating oil tankers of up to 120,000 tonnes and storage capacity of 430,000 cubic metres of oil products. The refinery will have a capacity of 120,000 b/d (6m t/y) of high-quality petrol, diesel, gas oil, petroleum coke and bitumen. Construction is expected to begin in 2007 with completion expected in late 2010 or early 2011. The cost of the refinery is now estimated at some US$ 2 bn, and QPC is probably going to seek other international investors, possibly including Libya, which has already expressed interest in taking a share in the project.
(viii) Tunisia Aluminium firm planed US$ 15.6 m share sale
According to report appeared in the media on July 13th, 2007, Tunisian shaped aluminium maker Tunisie Profiles Aluminium (TPR) aims to raise US$ 15.75 m dinars by floating 16.1% of its capital on the local stock market. TPR is offering US$ 3.75 million new shares, 70% of them for foreign investors. The company will use the proceeds to finance an expansion involving new manufacturing units in Algeria and Libya. TPR controls 56% of the local aluminium market and saw its net profit grow 5.3% to US$ 7.56 million in 2006. It expects the figure to rise by another 6% this year.
(ix) Medco acquired 40% interest in Tunisia`s Anaguid Block
According to reports appeared on July 4th, 2007, public-listed integrated energy company PT Medco Energi Internasional acquired Anadarko Tunisia Anagui Company`s 40% participation right in the Anaguid Block in Tunisia worth US$10 million. The acquisition was conducted by the group`s subsidiary, Medco Tunisia Anaguid Ltd. Anadarko which previously had a 55% stake in the Anaguid Block sold the remaining 15% of its participation right to Pioneer Natural Resources which already had a 45% stake in the Anaguid Block.
(x) First private management priming fund launched
The first private management priming fund, called "Phénicia See Fund" was launched, on July 13th, 2007, during a ceremony held in Tunis. The Fund is initiated by the European Investment Bank (EIB) as part of the Euro-Mediterranean facility of investment and partnership (FEMIP).
(xi) Award of Sud Tozeur permit
Minister of Industry, Energy and Small and Medium Sized Firms Afif Chelbi presided, on July 5th, 2007, over a ceremony of signing of the agreement relating to the award of the oil research permit called Sud Tozeur permit to Canadian Rigo Oil Company Ltd and Tunisia's oil company ETAP. The plan of the four-year initial works consists in drilling an exploration well for an investment estimated at US$ 8 m to be financed by Canada's Rigo Oil Company Ltd.
(xii) Works of Tunisian-Egyptian Higher Joint Commission
The 12th Tunisia-Egypt JCM was held in Cairo on July 1st, 2007 under the co-chairmanship of PM Ghannouchi and Egyptian Premier Ahmed Nadhif. In addition to signing the minutes, they signed a number of agreements in different fields to enhance bilateral cooperation.
(xiii) Co-operation agreement between ANME and ADEME signed
As part of strengthening the Tunisian-French co-operation, notably in the energy field, a co-operation agreement was signed, on July 13th, 2007 between the National Agency for Energy Mastery (ANME), from the Tunisian side, and the Agency of the Environment and Energy Mastery (ADEME), from the French side. This agreement aimed at achieving a more active co-operation on energy efficiency, the development of renewable energies and environment protection.
(xv) MOU between Tunisia and AFESD signed
Development and International Co-operation Minister Mohamed Nouri Jouini and Arab Fund for Economic and Social Development (AFESD) Director General and Chairman Abdellatif Youssef El Hamed signed, on July 19th, 2007 an MOU on the co-operation program for the period of the 11th Development Plan (2007-2011) and a loan agreement of US$ 76.56 m for financing the second part of the project of the classified regional roads and rural tracks in several governorates. The memorandum listed the sectors to be co-financed by the Fund and which touch on road infrastructure, higher education, energy, electricity and integrated development.
(ivx) Partnership agreement signed between CEPEX and CBI
A partnership agreement was signed, on July 20th, 2007 between the Export Promotion Centre (CEPEX) and the Dutch Centre of Importation from Developing Countries (CBI) which aimed at supporting and helping the private sector and the sector-based professional associations to boost their competitive edge and implement action for diversifying Tunisian exportations to the European Union (EU) and within the European Free-Trade Association states.
5. India’s investment:
India’s main interests were investment in textile and apparel, leather, pharmaceutical and public health, handicrafts, chemical and fertilizers, heavy equipment, civil aviation, science and information technology, agriculture, small and medium size enterprises and oil and gas.
6. The main export countries:
France, Italy, Germany, Spain and Libya.
7. The main import countries:
France, Italy, Germany, Libya and Spain.
8. The main export commodities:
crude petroleum, textile, olive and olive oil, phosphates and phosphoric acid, dates and agro-products.
9. The main import items:
refined petroleum, cotton cloths, cars, other vehicles and automobile spare parts, wheat, wires and cables.
10. The items of export from Tunisia to India:
phosphates and phosphoric acid; salt, sulphur, lime and cement, hides and leather; manufactured items and second-hand clothes; garment and accessories.
11. The items of import from India to Tunisia:
fish, shellfish and molluscs, boilers and mechanical engines; plastic materials; cotton; automobiles and tractors; pharma equipments; raw material products.
12. Development:
(i) Tunisia GDP grew 6.5 % in first quarter:
It has been learnt that Tunisia's gross domestic growth rose 6.5% in the first quarter this year against 1.1% in the same period last year on expanding manufacturing, transport and telecoms business. Manufacturing industry arose by 32.5% while transport and telecoms jumped 10.8% each, according to National Statistics Institute's data. The key textile and clothing sector advanced 2.3% but food processing growth slipped 2%, with agriculture and fishing growth up 0.8 %.
(ii) Chamber of Deputies discussed 11th Development Plan:
PM Ghannouchi chaired, on July 9th the 11th Development Plan. He underlined the need to be aware of the stakes of the future stage, a crucial and transitory one to be marked by the total removal, in 2008, of the customs duties on imports, which will increase the rate of duty-exempted imports to more than 80%, in addition to the heightening of competition in domestic and foreign markets, particularly in the field of textiles. Moreover, PM underscored the need to take into account the greater pressures that would weigh on raw materials, including hydrocarbons, wheat and oil.
13. The top three sectors receiving investment inflows:
Energy, Manufacturing Industries and the Services Industry were three sectors which were attracting maximum investments from abroad. India can also invest in these sectors; particularly in the Energy Sector, to make a foothold in Tunisia to enter the markets in the EU and North African countries.
14. Study of the:
(i) Communication Technology sector:
HOS orders to reduce cost of high-speed Internet connection
HOS recommended on July 3rd, 2007 speeding up preparations for granting a second landline telephone concession, with a view to consolidate the sector's development prospects and ordered to reduce the cost of the high-speed Internet connection (ADSL) ensured by the Tunisian Internet Agency (ATI) to boost competitiveness of the economic enterprises and contribute to the development of trade efforts.
(ii) Tourism sector:
PM chaired Higher Tourism Council's 3rd session
PM Ghannouchi chaired, on July 12th, 2007, the Higher Tourism Council's third session and underlined the particular attention to the tourism sector and said that Tunisian tourism sector is called upon to redouble its efforts to reach the fixed targets and win the quality stakes.
(iii) Transport sector: Air transport: Tunisair
HOS directed Tunisair Chairman and MD Nabil Chettaoui on July 4th, 2007 for improving the services of the company provides to the satisfaction of its customers. He also focused on the Tunisair's future program, in addition to the company's program for obtaining the International Air Transport Union (IATU) quality and security certification for air and land services and recommended carrying on efforts aiming at ensuring the Tunisian airlines' conformity with international standards.
Sevenair: Tunis-Tabarka airline restored
Sevenair, a branch of the public Tunisair airline Company and former company of the internal and international lines, restructured and given a new look, restored on July 7th, 2007 the Tunis- Tabarka airline, on board of a new plane ATR 72-500 with a capacity of 70 seats. The internal flights of Airline Company link the capital to Djerba, Tozeur, Gafsa, Sfax and Tabarka. The international destinations are Palermo, Malta and Tripoli and shortly, towards other ones, notably European, in synergy with Tunisair.
(iv) Infrastructure sector
Construction works of Rades-La Goulette Bridge
The major road infrastructure projects were the focus of HOS’s follow-up when on July 7th, 2007, instructed to speed-up the construction works of the Rades-La Goulette Bridge, the completion of which is scheduled for late 2008.
Source: Commercial Section,
Embassy of India, Tunisia
TRADE INDIA MAIL
